AUDUSD backs off highs as stocks come off a bit

Technical Analysis

The pair stalled near the high from last Wednesday

The AUDUSD has been able to extend above its 100 hour MA and topside trend line (at 0.6883 and 0.6887 (currently). The price extended up to a high of 0.6922. That was right in line with the swing high from last Wednesday at the same level.

The pair stalled near the high from last Wednesday

The rotation lower of US stocks has also taken some of the upside momentum out of the AUDUSD. The price has retraced toward the 0.6900 level (the low reached 0.6901). A move below the natural support and the 50% retracement at 0.68924 would weaken the bullish move just a little more. Ultimately a move back below the broken trend line and the 200 hour moving average at 0.6883 would be a bigger technical concern for traders looking for more upside momentum.

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